The Managing Director/CEO of Sterling Bank, Mr. Abubakar Suleiman has said it is a fallacy to say access to finance is the main challenge of startup businesses as there are huge funds looking for viable businesses to fund.
Mr. Suleiman stated this at the Nigerian Economic Summit Group (NES) Start-Up pitching event that happened Sunday night.
The pitching event is the first event of the NES #25 that has commenced in Abuja. The theme of the NES#25 is “Nigeria 2050 Shifting Gears.”.
The pitching event saw the ten grand finalists pitch for the grand prize of N5m for the winner. The first runner up will get N3m and the second runner up N2m. This year, an audience choice winner also emerged with a N1m price tag. The ten finalists were taken from some 17,000 applications for the pitching event.
The Five reasons for the pitching include; Access to finance,; encouraging entrepreneurs to take their business to the next level; to give entrepreneurs the opportunity to access mentorship and to provide opportunity for legal services and the opportunity to network with partners.
Mr. Suleiman said “It is a fallacy to say money is the problem of start-ups. A lot of businesses with money have failed and some businesses without money have succeeded. What differentiates those businesses is not money,” he noted.
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